Information Collection; Submission for OMB Review; Comment Request

DEPARTMENT OF THE TREASURY

Office of the Comptroller of the Currency

Information Collection; Submission for OMB Review; Comment

Request

AGENCY: Office of the Comptroller of the Currency, Treasury.

ACTION: Submission for OMB review; Comment request.

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SUMMARY: In accordance with the requirements of the Paperwork Reduction

Act of 1995 (44 U.S.C. Chapter 35), the Office of the Comptroller of

the Currency (OCC) hereby gives notice that it has sent to the Office

of Management and Budget (OMB) for review an information collection

titled Investment Securities (12 CFR 1).

DATES: Comments regarding this information collection are welcome and

should be submitted to the OMB Reviewer and the OCC. Comments are due

on or before July 17, 1997.

ADDRESSES: A copy of the of the submission may be obtained by calling

the OCC Contact listed. Direct all written comments to the

Communications Division, Attention: 1557-0205, Third Floor, Office of

the Comptroller of the Currency, 250 E Street, SW, Washington, DC

20219. In addition, comments may be sent by facsimile transmission to

(202) 874-5274, or by electronic mail to [email protected].

SUPPLEMENTARY INFORMATION:

OMB Number: 1557-0205.

Form Number: Not applicable.

Type of Review: Renewal of OMB approval.

Title: Investment Securities (12 CFR 1).

Description: This submission covers a renewal without change of the

information collections currently contained in 12 CFR Part 1. The

collection of information requirements are found in 12 CFR 1.3(h)(2)

and 12 CFR 1.7(b).

Under 12 CFR 1.3(h)(2), a national bank may request an OCC

determination that it may invest in an entity that is exempt from

registration under section 3(c)(1) of the Investment Company Act of

1940 if the portfolio of the entity consists exclusively of assets that

a national bank may purchase and sell for its own account. The OCC uses

the information contained in the request as a basis for determining

that the bank's investment is consistent with its investment authority

under applicable law and does not pose unacceptable risk.

Under 12 CFR 1.7(b), a national bank may request OCC approval to

extend the five-year holding period of securities held in satisfaction

of debts previously contracted (DPC) for up to an additional five

years. The bank must provide a clearly convincing demonstration of why

any additional holding period is needed. The OCC uses the information

in the request to ensure, on a case-by-case basis, that the bank's

purpose in retaining the securities is not speculative and that the

bank's reasons for requesting the extension are adequate, and to

evaluate the risks to the bank of extending the holding period,

including potential effects on bank safety and soundness.

Respondents: Businesses or other for-profit; individuals.

Number of Respondents: 25.

[[Page 32856]]

Total Annual Responses: 25.

Frequency of Response: On occasion.

Estimated Total Annual Burden: 460.

OCC Contact: Jessie Gates or Dionne Walsh, (202) 874-5090,

Legislative and Regulatory Activities Division, Office of the

Comptroller of the Currency, 250 E Street, SW, Washington, DC 20219.

OMB Reviewer: Alexander Hunt, (202) 395-7340, Paperwork Reduction

Project 1557-0205, Office of Management and Budget, Room 10226, New

Executive Office Building, Washington, DC 20503.

The OCC may not conduct or sponsor, and a respondent is not

required to respond to, an information collection that has been

extended, revised, or implemented on or after October 1, 1995, unless

it displays a currently valid OMB control number. Comments are invited

on: (a) whether the collections of information are necessary for the

proper performance of the OCC's functions, including whether the

information has practical utility; (b) the accuracy of the OCC's

estimate of the burden of the information collection; (c) ways to

enhance the quality, utility, and clarity of the information to be

collected; (d) ways to minimize the burden of information collection on

respondents, including through the use of automated collection

techniques or other forms of information technology; and (e) estimates

of capital or startup costs and costs of operation, maintenance, and

purchase of services to provide information.

Dated: June 11, 1997.

Karen Solomon,

Director, Legislative & Regulatory Activities Division.

[FR Doc. 97-15778 Filed 6-16-97; 8:45 am]

BILLING CODE 4810-33-P